Hi, Money readers!

You may think an HSA, or health savings account, is just a place to stash money to use for stuff like doctor’s visits, prescriptions and contact lenses. As it turns out, that’s only part of the story.

HSAs can be a helpful tool for saving for retirement, but many Americans treat them like medical checking accounts instead.

New research shows most people are cashing out early, potentially leaving years of tax-free growth (and future savings) on the exam room table. Let’s get to it. — Kat Peach

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The Common HSA Mistake That Could Cost You in Retirement

Health savings accounts have a bit of an identity crisis. They’re technically savings accounts, but most people actively use them, swiping the card at doctor’s offices and pharmacies.

According to new research from the Employee Benefit Research Institute, nearly two-thirds of HSA holders spend their balances on current healthcare costs instead of letting the money grow for retirement. That's understandable — healthcare isn't exactly getting cheaper — but it also means many savers are missing one of the account's biggest perks.

HSAs are unique because they offer the coveted "triple tax advantage": Contributions are tax-deductible, investments grow tax-free and qualified withdrawals are tax-free, too. Financial experts often call HSAs the best retirement account you've probably overlooked.

The catch? Only about 10% of HSA accounts are actually invested. Many people never get beyond treating them like a checking account, thanks in part to the handy debit card that comes with them.

For people who can comfortably pay medical bills out of pocket, one savvy strategy is to leave HSA money invested, save your receipts and reimburse yourself years later — all tax-free.

However, if your budget is already stretched thin, don’t feel bad about using your HSA on your health. It’s not worth sacrificing your emergency fund or racking up credit card debt to chase tax optimization. In these cases, the smartest financial move is simply paying the bill today. — KP

Your minimum payments won't get you out of debt

A $20,000 credit card balance at a 24% APR can take nearly 30 years to pay off — and cost you significantly more than what you borrowed — just by making minimum payments. That's how revolving credit often works: Most of each payment goes to interest, and the balance may decrease slowly. Debt consolidation may help replace those cards with a single payment so every dollar may chip away at the balance instead of feeding the bank.

See if you qualify for debt consolidation.

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THRILL OF THE CHASE

Chase Ends Record 100K Promo for Popular Travel Card

On Thursday afternoon, JPMorgan Chase ended a record-high promotion for its popular Chase Sapphire Preferred credit card. People who applied by 3 p.m. ET and got approved scored a whopping sign-up bonus of 100,000 reward points with a spending minimum.

Everyone else? Out of luck.

The announcement was unusual in and of itself — card issuers usually don’t assign specific end dates to sign-up promotions — but the bigger buzz was around the massive size of the bonus. While six-figure buckets of reward points aren’t unheard-of among premium travel card promotions, the Sapphire Preferred is considered a more middle-of-the-road card. It has an annual fee of $95 and less lavish perks than its tonier cousin, the Chase Sapphire Reserve card.

That’s not saying the Sapphire Preferred is a consolation prize. It’s Money’s top travel card, thanks to benefits like a 5x points multiplier for travel booked through its portal and a 3x multiplier on a bevy of purchase categories including dining, online groceries, gas and streaming services. But it doesn’t have jet-setter perks like airport lounge access and a $300 annual travel credit.

The Sapphire Reserve created a big splash when it debuted 10 years ago, launching a new arms race of ultra-premium travel credit cards with oodles of perks — and annual fees to match. The Sapphire Reserve debuted with an annual fee of $450, which has since crept up to $795. Chase has periodically run promotions with 100,000-point sign-up bonuses for that one, but until now, it had never offered a premium-tier promotion for a more basic card.

If you missed this bonus, don’t worry: While the 100,000-point deal has been discontinued for now, it’s a safe bet that if Chase gets the kind of response it wanted from this limited-time-only promotion, there could be a repeat performance in the future. — Martha C. White

In the newsroom, our editors are talking about...

WINE NOT?

Is Wine the New Gold? Wealthy Investors Seeking Stability Think So

Diversifying with fine wines can be achieved two ways. You can purchase shares of curated wine collections by using investment platforms, or you can add investment-grade wines to your home cellar using auction houses and specialty retailers.

Money; Getty Images

Fun Money

This issue of Daily Money was written by associate editor Kat Peach and reporter Martha C. White. It was edited by managing editor Julia Glum. Questions? Comments? Concerns? Please email [email protected] with any feedback.